PriceSmart's December Comps Decline On Currency Headwinds
Zacks Investment Research | Jan 09, 2020 07:56AM ET
PriceSmart, Inc.’s (NASDAQ:PSMT) positive comparable net merchandise sales (comps) streak ended in December. We note that comps for the four-week period (ended Dec 29, 2019) fell 0.1% for 41 warehouse clubs. Foreign currency exchange rate fluctuations adversely impacted comps by 0.3%.
Prior to December, the metric had improved 0.8%, 1.4% 0.9%, 1.1%, 1.6% and 1.9% in November, October, September, August, July and June, respectively.
Again, comps for the 17-week period (ended Dec 29, 2019) increased 0.7%. However, adverse foreign currency exchange rate fluctuations negatively impacted comps by 1.2%.
Net merchandise sales for the month of December grew 4.3% to $362.1 million from $347.1 million in the year-ago period. However, the metric was adversely impacted by currency rate fluctuations to the tune of $1.1 million or 0.3%. Prior to this, net merchandise sales had increased 7.5%, 3.7%, 1.2%, 4.5% and 2.8%, in the months of November, October, September, August and July, respectively.
We note that, shares of this San Diego, CA-based company have gained 24.2% in the past three months, compared with the Zacks Investment Research
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